NYSE President Lynn Martin

Bloomberg Audio Studios, podcasts, radio news.

IPOs are making a comeback this summer, with the latest Figma share surging more than two hundred and fifty percent in its debut last week. So excited for this conversation. Joining us now is Nicey President Lynn Martin Lind, Good morning, Thanks for joining.

Us, Thanks for having me. So you told John.

Leson myself in May that you saw quote unprecedented levels of volume following the April second Liberation Day, but for the IPO landscape, you were optimistic, but the timeline.

Was shifted out. Where are we now in that timeline, in that pipeline?

Well, I think as a result of the successful deals we've been able to bring to market, really starting in that end of May timeframe, but most manifestly over the last two weeks when we had seven IPOs, I think it's fair to say that the markets are open for IPOs.

Our market's open for all IPOs. Though, do we still need to be selective among those that are being brought in and they need to be tech companies for example, or can we start to see some of the smaller midcaps come back too.

Yeah, we've seen a variety of sizes and companies across different sectors come to market. In the last few months, tech in particular has, as you point out, had a great reception in the market. You know, in the last two weeks we saw Nils and i Q, we saw McGrath hill, we saw Figma as you just had the screen up, and then a couple months ago we saw a Circle come to market, also Hinge Health and Mountains. So some really tech led companies, but mostly pretty much all sectors.

The market's right a bit of a split screen though, Lin, because you start to have some IPOs coming back, and at the same time you have these private equity players coming up with liquidity solutions that just allows companies to be private for longer, be it secondary funds, be it perpetual capital. And their argument is companies just don't want to be public, and we're giving the option not to be longer term. Does that hinderpos.

Well, I think what it means is that the companies that come to market are better companies. You look at the companies that have come to market, it's not the first time that they've been in the news about an IPO. Look at Circle, for example, they were talking about going public back in twenty twenty one when they came to market, though, they're a better company. They have a more refined strategy, a more refined P and L, a story for the

That pent up demand was it being held back because of regulation in Washington.

It was really being held back because of volatility and uncertainty in markets. You know, there've been a variety of events that have occurred over the last three three and a half years, wars, geopolitical uncertainty that have fueled that volatility. Now that there is more certainty, more certainty around the geopolitical landscape, more certainty around the market and the trajectory of the market, that's why you're seeing these companies finally come to market.

How has the change in regulatory leadership.

Though the SEC regulates the nicey, how has that potentially changed your business going forward?

We're very optimistic. We had a great relationship with the past administration and the past SEC. But we're very excited about.

Blackinso's very different than Gerrigance.

He is he is, and we've had a long relationship with Paul Atkins. This isn't Paul akins first time in the SEC, and we had a very productive working relationship and ship with him. We've already had a very productive working relationship in the short time that he's been chair, and a lot of the modifications that he's looking to make I think are going to benefit the public markets.

So we have a moment where public market volatility has started to add. But even so, you have the rebirth of memestocks, and you have these weird things happening where you have open Door, for example, on one day, can account for ten percent of all equity trading volume. What do you make of just the health of these markets at this moment is some of that starts to bubble up?

I think the markets are incredibly healthy. I mean, our markets are the envy of the world. The breath, the depth, the liquidity, the trade certainty. Any one day, though there could be excitement about a different name. I think what you're seeing is a lot of the pent up demand looking for the new issues and new things to treat.

It's very different though, than twenty twenty one, where those retail investors had all the money to go.

So when you look at that, you're like, Okay, this is just.

A temporary phenomenon, or do we just need to get used to single names getting this wind sweep of various excitement built up online and that's just the new normal we live in.

No, I really can't speak to what's driving a stock on any given day. Certainly, the social media and the conversation around stocks overall, I think is actually a good thing. It means that people aren't interested in investing, they're interested in adding to their portfolio. They're also interested in diversifying their portfolio.

Speaking of diversification.

On Thursday, at and T says they're going to have this dual listing in the ICY in Texas.

What's the business like in Texas?

Yeah, Well, we're very supportive of all of the changes that Governor Abbott has rolled out in the state of Texas to really foster that pro growth environment. Since we announced NYS Texas and launched the exchange, which was the end of March this year, we've added a twenty new list things to the exchange. So we're very optimistic and grateful for a governor abbit for really leading the way on pro business atmosphere.

Do you see more money leaving New York though.

You know, I don't really, I don't know. I don't think so. I think New York's always going to be an important at the center for markets. But I think it's interesting the pro business moves and then ultimately what the pro business moves in Texas will lead to on the federal level. More than anything, Lynn, thanks so much.

For your time.

Thanks for having great insight, Nicey President Lynn Martin